The Unseen Psychological Thread to Financial Well- Being: The Road from FOMO to JOMO
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Abstract
FOMO is a psychological state that arises when one perceives that others are having more rewarding experiences than oneself. In the age of ever-increasing connectivity and the constant stream of information, the fear of missing out (FOMO) has become an undeniable reality for many individuals. This pervasive sensation, characterized by anxiety and unease triggered by the fear of being excluded from rewarding experiences or social interactions, has captured the attention of researchers across various domains. This paper will try to address the techniques of converting FOMO to JOMO amongst retail investors of India investing in NSE. A person's financial decisions are greatly influenced by their psychological well-being, their subjective happiness, and their sense of purpose and meaning in life (Kiran and Rao, 2005). The concept of positive financial planning, which is evident in life planning, financial coaching, and financial counselling, is where financial planning and positive psychology meet and lead to overall wellbeing of an individual. Clients can thrive when money and well-being are integrated via financial planning and positive psychology. The paper will primarily focus on the relationship of Rational choice theory and hedonist idea in psychology connecting the less travelled road of financial investment decision of an individual.